Melecky, Martin - Volkswirtschaftliche Fakultät, … - 2007
shock, for example, can affect the exchange rate between the euro and the yen. Since positive US demand shocks have a … greater positive impact on Japanese interest rates than on eurozone rates, the yen appreciates against the euro in response …. Using quarterly data on the U.S., the euro area and Japan from 1981 to 2006, this paper shows that the third …